ChoiceOne Financial Services, Inc. Completes Successful Consolidation of ChoiceOne Bank and Community Shores Bank
SPARTA, Mich., Oct. 19, 2020 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (Nasdaq: COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, today announced the successful consolidation of its previously announced acquisition of Community Shores Bank into ChoiceOne Bank. Community Shores Bank is now renamed ChoiceOne Bank.
"We are pleased to close our merger of ChoiceOne Bank and Community Shores Bank," said ChoiceOne CEO Kelly Potes. "Our teams at both banks have worked diligently over the last 10 months to combine our banking operations and make this transition as seamless as possible and with limited disruption for our customers. Because of our similar markets, the consolidation presents many efficiencies and new growth opportunities in our expanded network into West Michigan."
On January 6, ChoiceOne and Community Shores Bank Corporation ("Community Shores") announced the signing of a definitive merger agreement pursuant to which ChoiceOne will acquire Community Shores. On July 1, ChoiceOne announced the completion of the merger of Community Shores with and into ChoiceOne. The combined organization is the 12th largest bank holding company in Michigan based on asset size, with approximately
"Joining forces with ChoiceOne Bank presents a tremendous opportunity for our customers, communities, employees and shareholders," said Community Shores President and CEO Heather Brolick. "Our merger is a natural geographical and cultural fit and allows us to extend our footprint into Muskegon and Ottawa counties with advanced technology and innovative services. It also gives us broader opportunities to support our communities with increased donations and volunteer hours complementing ChoiceOne's vision to be the best bank in Michigan."
Brolick, who will remain with the combined bank as ChoiceOne Senior Vice President and Head of Human Resources, concluded, "We are honored to have representatives from the Muskegon Lakeshore Chamber of Commerce, Gracious Grounds, Kids Food Basket and Every Woman's Place join in our name change ceremony today. We want this celebration along with our special donations to reinforce the commitment we have to our communities."
About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank. Member FDIC. ChoiceOne Bank operates 33 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair and Macomb counties. ChoiceOne Bank offers insurance and investment products through ChoiceOne Bank's subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol "COFS." For more information, please visit Investor Relations at ChoiceOne's website at www.choiceone.com.
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SOURCE ChoiceOne Financial Services, Inc.
